When the Seller Is the Only One Selling a Particular

question 8

Multiple Choice

When the seller is the only one selling a particular product,it is known as:

• A) Pure competition
• B) Pure monopoly
• C) Monopolistic competition
• D) Oligopolistic competition
• E) Perfect competition

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Definitions:

Oligopolistic

Pertaining to a market structure where a small number of firms dominate the industry, influencing prices and marketing strategies.

Perfectly Competitive

A market structure characterized by a complete absence of rivalry among the sellers and an infinite number of buyers and sellers, where no single buyer or seller has market power.

Identical Products

Goods that are exactly the same in every feature, quality, and specification, allowing no variation between them.

Many Competitors

A market condition characterized by the presence of numerous firms competing with each other.